Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold rose 0.5% to close at a one-week high above $1,810 after surprisingly weak jobs data pressured yields and the dollar while boosting demand for alternative stores of value. It was the metal's third consecutive day of gains.

Private-sector employment fell by 301,000 jobs in January, according to the ADP, as omicron swept the country. The surprising plunge was the biggest since the pandemic began. Most economists were expecting job gains of around 200,000.

Benchmark 10-year Treasury yields fell under 1.75% to more than a one week low as traders recalibrated expectations for the Fed's pace of tightening this year. Falling yields support gold by reducing the opportunity cost for holding it instead of bonds as a safe-haven asset.

The dollar also retreated to a one-week low, falling 0.3% against major rivals. A falling dollar lifts gold and other commodities by making them less expensive in other currencies.

Rising Ukraine-Russia tension further lifted safe havens after President Biden authorized the deployment of 3,000 troops in support of NATO in Eastern Europe.

The other precious metals were also higher, with silver adding 0.5% while platinum and palladium rose 2% and 1%, respectively.

At the Comex close: April gold gained $8.80 to $1,810.30; March silver added 11 cents, to at $22.71; April platinum picked up $20.50 to $1,043.70; and March palladium rose $23 to $2,369.50 an ounce.